The oil prices stabilized after the sharp losses of the day before. However, Brent remained in the red zone. The oil declined when investors turned their attention to the safe assets due to renewed concerns about the global economic prospects.
The Brent recovered after a 3 day decreased. The price was able to grow by 1.50%. The level 49.50 stooped its further growth. The resistance is at 49.50, the support is at 48.50.
The indicators (MACD and RSI) remained negative and ended the day in a red zone. RSI bounced from the oversold area. If it grows further it will be a buy signal for us. Sellers will prevail till MACD remains in the negative zone.
The price is below the moving averages (50, 100 and 200) in the 4 hours chart. The instrument touched the 50-EMA and bounced downwards. The moving averages are moving horizontal.
If the price breaks below 47.50 the Brent will decrease to 46.50 region. Conversely, the quotes will continue their recovery to 50.50 area.